Nigerian platform providing global automotive spare parts and vehicle repairs and maintenance services, Mecho Autotech, has announced it will launch a version v2.0 of its vehicle management app that connects vehicle owners to qualified and vetted mechanics in the third quarter of this year.
The company also disclosed it will launch Mecho Mart, a marketplace for high-quality aftermarket spare parts and original OEM spare parts for wholesalers and enterprise fleet owners. The soon-to-be-launched products signal a shift in strategy as Mecho looks to double down on improving Nigeria’s $6BN fragmented and informal automotive aftersales market which is characterized by substandard automotive spare parts and frequent stockouts.
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As part of its features, customers can access financing to pay for vehicle repairs and maintenance to preserve their cash flow. After undergoing an easy and fast verification process, eligible customers can receive overdrafts of up to 10 million Naira, which are deposited in the Mecho app wallet. Customers also have more flexible servicing options: they can drop off their vehicles at any of Mecho’s 100 partner workshops in Lagos, Abuja and Port Harcourt, or arrange for pick-up. In the new improved 2.0 Mecho app, customers can track all their expenses, maintenance requests, and vehicle history. Corporate fleet owners can manage multiple mechanics, including Mecho and other 3rd party service providers, to streamline the maintenance and repairs process in one easy-to-use app. Mecho will also roll out an IOT integration allowing corporate fleet owners to track their vehicles. The 2.0 vehicle management app will be free to use.
Also, in Q3, Mecho will launch Mecho Mart, a marketplace for high-quality aftermarket and original OEM spare parts for wholesalers and enterprise fleet owners. Customers will be able to buy genuine auto parts like tires, shock absorbers, brake pads, lubricants and filters. Using the marketplace, spare parts wholesalers can stock up on inventory with top-quality parts, secure financing, and increase profit by avoiding stockouts. With support from Global Brains, a Japanese venture capital firm that invested a seven-figure sum in the company, Mecho aims to build partnerships with global automotive aftermarket spare parts manufacturers to source genuine and affordable spare parts to build reliable vehicle spare parts supply chain in Nigeria.
Speaking on the latest development, Olusegun Owoade, Mecho Autotech CEO/co-founder said, “When we launched in the market two years ago, we focused on providing high-quality vehicle maintenance services. But over time we learned that we had to prioritize fixing the broken automotive spare parts supply chain — a more urgent problem in the industry and a bigger driver of its value. Spare parts represent $6BN out of Nigeria’s $8BN vehicle aftersales market. Since we pivoted our business, we have serviced more than 50 corporate fleet owners and spare parts wholesalers and provided spare parts from 5 global automotive manufacturers. By improving the availability of high-quality spare parts, we believe that we can play a role in improving Nigerians’ vehicle longevity and road safety.”
Nigeria has more than 12 million registered vehicles of which more than 90% are imported used vehicles. Given the predominance of used vehicles, the automotive aftersales industry is highly fragmented and informal with a broken aftermarket spare parts supply chain. Spare parts wholesalers struggle to access high-quality and original parts and suffer frequent stockouts as they are unable to access working capital to purchase inventory. Despite its informal and fragmented nature, Nigeria’s automotive aftersales and maintenance market is valued at an estimated $8BN. The average Nigerian vehicle owner spends $50-60 per year on repairs and maintenance of which 80% is spent on spare parts.
